• Report growth: IGI handled about 70 to 80 lakh reports in 2023 and 1.3 million in the last financial year. In the first quarter, revenue grew 23% on 18% volume growth, with EBITDA at 60%.
• Market expansion: India is IGI’s largest market and accounts for about 75% to 80% of its business; exports contribute about 20% to 25%. It operates across 10 countries through 37 labs, while certificate penetration is growing at 18% against 3% to 5% growth for the overall jewelry industry.
• Lab-grown momentum: Management sees lab-grown growth continuing as growers expand capacity, production is not constrained, and lower prices and new designs draw in customers. It described lab-grown as affordable luxury, while natural diamonds remain a luxury category.
• New growth areas: IGI is prioritizing colored gemstones, having acquired American gemological lab AGL, and plans to expand its technology and expertise beyond New York while upgrading colored-gemstone capabilities across its 37 labs. Management expects natural diamonds to gain momentum over the next 4 to 5 years.
• Pricing and margins: Report pricing has remained more or less the same, with some fluctuation from the mix of report types. Management said EBITDA has remained stable, but gave no new guidance during the silent period; higher volumes may improve efficiency as IGI invests in management capabilities, AI-led technology, and productivity projects.